Yangcheon District Designates Project Implementer for Mokdong 11 Complex... Official Notification Issued Just Two Months After Redevelopment Zone Designation

From 1,595 Units to a Landmark Complex:
Redevelopment to 41 Stories and 2,679 Premium Units

Yangcheon District in Seoul (District Mayor Lee Gijae) announced on January 22 that Korea Asset Trust has been designated and officially notified as the project implementer for the “Mokdong 11 Complex Apartment Redevelopment Project.”

This official notification comes just two months after Mokdong 11 Complex was designated as a redevelopment zone, shortening the standard processing period by 10 months compared to the one-year timeline set by the Seoul Metropolitan Government’s project management plan for redevelopment projects.

Bird's-eye view of the redevelopment project of Mokdong 11 Complex Apartment. Provided by Yangcheon District.

Korea Asset Trust, now designated as the project implementer, will proceed with finalizing the redevelopment project regulations, contracting with professional management companies, and selecting designers and construction firms. These steps will be carried out through resolutions at meetings composed of all land and property owners.

The Mokdong 11 Complex will be newly developed with a site area of 128,668 square meters and a floor area ratio of approximately 300%, transforming the existing 15-story, 1,595-unit complex into a new development with up to 41 stories and a total of 2,679 units. Plans also include the creation of a neighborhood park connected to the northern Shintree Park, the establishment of small parks near Bongyeong Girls’ Middle School and Mokdong High School to provide rest areas for both students and residents, and the improvement of infrastructure such as roads and public facilities.

Among the 14 Mokdong apartment complexes, 8 are currently pursuing redevelopment projects using the trust-based method, and official notifications designating project implementers have already been completed for 5 complexes: Complexes 5, 9, 10, 13, and 14.

In trust-based redevelopment projects, the trust company is directly designated as the project implementer without the need to form an association, and handles the entire process from project approval applications and contractor selection to sales and settlement. The participation of specialized management firms throughout the project is considered an advantage, as it enhances professionalism, accountability, and transparency.

Yangcheon District plans to strengthen administrative support so that the remaining complexes pursuing trust-based redevelopment can also swiftly complete the designation of project implementers.

Lee Gijae, Mayor of Yangcheon District, stated, “I hope that the redevelopment of the six complexes for which project implementers have been designated will proceed in a more transparent and systematic manner. Now that all 14 Mokdong complexes have been designated as redevelopment zones and have entered the full-scale implementation phase, we will actively support subsequent procedures such as determining the project implementation method and selecting construction companies to ensure the successful progress of Yangcheon District’s redevelopment projects.”